2019 OPEC Annual Statistical Bulletin
Organization of the Petroleum Exporting Countries
1965 – 2019 th edition 54 Team for the preparation of the OPEC Annual Statistical Bulletin
Secretary General Editorial Team Chairman of the Editorial Board Head, Public Relations and Information Department Mohammad Sanusi Barkindo Hasan Hafidh
Director, Research Division Editor Ayed S. Al-Qahtani Maureen MacNeill, Mathew Quinn
Project Leader Coordinator, Design and Production Head, Data Services Department Carola Bayer Adedapo Odulaja Senior Production Assistant Coordinator, Statistics Team Diana Lavnick Hossein Hassani Graphic Designer Statistics Team Tara Starnegg Pantelis Christodoulides, Klaus Stöger, Mohammad Sattar, Mihni Mihnev, Justinas Pelenis, Ksenia Gutman
Coordinator, IT Development Team Mohamed Mekerba
IT Development Team Vedran Hrgovcic, Zairul Arifin
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© 2019 Organization of the Petroleum Exporting Countries ISSN 0475-0608 Contents
Foreword 5 Key messages 6 Tables Page Page Section 1: Summary 7 Table 5.7 World imports of crude oil by country 69 Table 1.1 OPEC Members’ facts and figures 8 Table 5.8 World imports of petroleum products by 71 Table 1.2 OPEC Members’ crude oil production 9 country allocations Table 5.9 World imports of petroleum products by 72 Section 2: Macro-economics 13 main petroleum product and region Feature Box: The economic diversification of OPEC MCs 15 Table 5.10 World imports of crude oil and petroleum 74 products by country Table 2.1 OPEC Members’ population 16 Section 6: Oil transportation 77 Table 2.2 OPEC Members’ GDP at current market 17 prices Feature Box: Middle Eastern countries’ exports of 79 petroleum products to Asia Table 2.3 OPEC Members’ real GDP growth rates PPP 18 based weights Table 6.1 World tanker fleet by year of build and 80 categories Table 2.4 OPEC Members’ values of exports 19 Table 6.2 World LPG carrier fleet by size 80 Table 2.5 OPEC Members’ values of petroleum 20 exports Table 6.3 World combined carrier fleet by size 82 Table 2.6 OPEC Members’ values of imports 21 Table 6.4 Average spot freight rates by vessel 82 category Table 2.7 Current account balances in OPEC 22 Members Table 6.5 Dirty tanker spot freight rates 84 Section 3: Oil data: upstream 23 Table 6.6 Clean tanker spot freight rates 85 Feature Box: Recent developments in oil supply 25 Section 7: Oil prices 87 Table 3.1 World proven crude oil reserves by country 26 Feature Box: The OPEC Reference Basket price 89 Table 3.2 Active rigs by country 27 Table 7.1 OPEC Reference Basket (ORB) and 90 corresponding components spot prices Table 3.3 Wells completed in OPEC Members 29 Table 7.2 Selected spot crude oil prices 91 Table 3.4 Daily and cumulative crude oil production 30 in OPEC Members Table 7.3 ICE Brent, NYMEX WTI and DME Oman 94 annual average of the 1st, 6th and 12th Table 3.5 World crude oil production by country 31 forward months Table 3.6 Non-OPEC oil supply and OPEC NGLs 32 Table 7.4 OPEC Reference Basket in nominal and real 94 Table 3.7 World biofuels production 33 terms Section 4: Oil data: downstream 35 Table 7.5 Annual average of premium factors 95 Feature Box: Major downstream developments 37 for selected OPEC Reference Basket components Table 4.1 Refinery capacity in OPEC Members by 38 company and location Table 7.6 Spot prices of petroleum products in major 96 markets Table 4.2 Charge refinery capacity in OPEC Members 40 Table 7.7 Retail prices of petroleum products in 97 Table 4.3 World refinery capacity by country 40 OPEC Members Table 4.4 World refinery throughput by country 42 Table 7.8 Crack spread in major markets 98 Table 4.5 Output of petroleum products in OPEC 43 Section 8: Taxes on oil 99 Members Feature Box: Taxonomy of composite barrels price 101 Table 4.6 World output of petroleum products by 45 structures across OECD countries country Table 8.1 Composite barrel and its components in 102 Table 4.7 Oil demand by main petroleum product in 46 major OECD oil consuming countries OPEC Members Table 8.2 Tax to CIF crude oil price ratio in major 105 Table 4.8 World oil demand by country 48 OECD oil consuming countries Table 4.9 World oil demand by main petroleum 50 Table 8.3 Euro Big 4 household energy prices 105 product and region Section 9: Natural gas data 109 Section 5: Oil trade 53 Feature Box: Natural gas reserves and production: An 111 Feature Box: US as one of the top ten crude oil 55 overview of historical patterns exporting countries in 2018 Table 9.1 World proven natural gas reserves by 112 Table 1 Top ten exporting countries in 2018 55 country Table 5.1 OPEC Members’ crude oil exports by 56 Table 9.2 Yearly and cumulative marketed natural 114 destination gas production in OPEC Members Table 5.2 OPEC Members’ petroleum products 58 Table 9.3 World marketed production of natural gas 115 exports by destination by country Table 5.3 World crude oil exports by country 60 Table 9.4 World natural gas exports by country 117 Table 5.4 World exports of petroleum products by 63 Table 9.5 World natural gas imports by country 118 country Table 9.6 World natural gas demand by country 120 Table 5.5 World exports of petroleum products by 65 main petroleum product and region Table 9.7 World LNG carrier fleet by size 122 Table 5.6 World exports of crude oil and petroleum 67 products by country
OPEC Annual Statistical Bulletin 2019 1 Contents
Graphs Page Page Section 2: Macro-economics 13 Graph 4.5 OPEC Members’ oil demand 52 Feature Box: The economic diversification of OPEC MCs 15 Graph 4.6 World oil demand by main petroleum 52 Graph 1 OPEC MCs revenues of petroleum exports 15 product as share of GDP Section 5: Oil trade 53 Graph 2 Share of non-petroleum export revenues 15 Feature Box: US as one of the top ten crude oil 55 to GDP exporting countries in 2018 Graph 2.1 OPEC Members’ population 16 Graph 1 Development of US crude oil exports by 55 Graph 2.2 Population as a share of total OPEC 16 main region Graph 2.3 OPEC Members’ GDP at current market 17 Graph 5.1 World crude oil exports by region 61 prices Graph 5.2 OPEC Members’ crude oil exports 61 Graph 2.4 GDP at current market prices as a share of 17 Graph 5.3 World trade of crude oil 62 total OPEC Graph 5.4 OPEC Members’ petroleum products 64 Graph 2.5 Real GDP growth rates PPP based weights 18 exports by destination for total OPEC Graph 5.5 Percentage share of OPEC Members’ crude 68 Graph 2.6 Real GDP growth rates for OPEC Members 18 oil exports by regions Graph 2.7 OPEC Members’ values of exports 19 Graph 5.6 OPEC Members’ exports of crude and 68 Graph 2.8 Values of exports as a share of total OPEC 19 petroleum products Graph 2.9 OPEC Members’ values of petroleum 20 Graph 5.7 OPEC Members’ exports of petroleum 68 exports products Graph 2.10 Values of petroleum exports as a share of 20 Graph 5.8 OPEC Members’ crude oil exports by 70 total OPEC destination Graph 2.11 OPEC Members’ values of imports 21 Graph 5.9 OPEC Members’ flows of crude and refined 76 oil Graph 2.12 Values of imports as a share of total OPEC 21 Section 6: Oil transportation 77 Graph 2.13 Current account balances in total OPEC 22 Feature Box: Middle Eastern countries’ exports of 79 Graph 2.14 Current account balances in OPEC 22 petroleum products to Asia Members Graph 1 Spot tanker product freight rates — Middle 79 23 Section 3: Oil data: upstream Eastern countries to Asia Feature Box: Recent developments in oil supply 25 Graph 2 Histogram — WSC points from 2009–18 79 Graph 1 US crude oil production vs non-crude oil 25 Graph 6.1 World tanker fleet by year of build and 81 supply categories Graph 2 US crude oil production growth vs US 25 Graph 6.2 World tanker fleet by year of build and 81 active rig counts categories Graph 3.1 World proven crude oil reserves 28 Graph 6.3 Average spot freight rates by vessel 83 Graph 3.2 OPEC Members’ proven crude oil reserves 28 category Graph 3.3 World crude oil production 28 Graph 6.4 Dirty tanker spot freight rates 84 Graph 3.4 OPEC Members’ crude oil production 28 Graph 6.5 Dirty tanker spot freight costs 84 Graph 3.5 Non-OPEC oil supply and OPEC NGLs 29 Graph 6.6 Clean tanker spot freight rates 85 Section 4: Oil data: downstream 35 Graph 6.7 Clean tanker spot freight costs 85 Feature Box: Major downstream developments 37 Section 7: Oil prices 87 Graph 1 OECD oil demand 37 Feature Box: The OPEC Reference Basket price 89 Graph 4.1 World refinery capacity 49 Graph 1 Price development of ORB and major 89 Graph 4.2 World output of petroleum products 49 benchmark crudes Graph 4.3 OPEC output of petroleum products 49 Graph 2 Spread — ORB and major benchmark 89 crudes Graph 4.4 World oil demand 52
2 OPEC Annual Statistical Bulletin 2019 Contents
Graphs Page Page Graph 7.1 OPEC Reference Basket 90 Graph 8.13 Tax to CIF crude oil price ratio for major 107 Graph 7.2 Differentials of selected spot crude oil 92 OECD oil consuming countries — Canada prices to OPEC Reference Basket (1) Graph 8.14 Tax to CIF crude oil price ratio for major 107 Graph 7.3 Differentials of selected spot crude oil 92 OECD oil consuming countries — Japan prices to OPEC Reference Basket (2) Graph 8.15 Tax to CIF crude oil price ratio for major 107 Graph 7.4 Differentials of selected spot crude oil 93 OECD oil consuming countries — France prices to OPEC Reference Basket (3) Graph 8.16 Tax to CIF crude oil price ratio for major 107 Graph 7.5 Differentials of selected spot crude oil 93 OECD oil consuming countries — Germany prices to OPEC Reference Basket (4) Graph 8.17 Tax to CIF crude oil price ratio for major 107 Graph 7.6 OPEC Reference Basket in nominal and real 94 OECD oil consuming countries — Italy terms Graph 8.18 Tax to CIF crude oil price ratio for major 107 Graph 7.7 Spot petroleum product prices — US Gulf 96 OECD oil consuming countries — UK Graph 7.8 Spot petroleum product prices — 96 Graph 8.19 Tax to CIF crude oil price ratio for major 107 Singapore OECD oil consuming countries — G7 Graph 7.9 Spot petroleum product prices — 96 Graph 8.20 Tax to CIF crude oil price ratio for major 107 Rotterdam OECD oil consuming countries — OECD Section 8: Taxes on oil 99 Graph 8.21 Euro Big 4 household energy prices 108 Feature Box: Taxonomy of composite barrels price 101 Graph 8.22 Euro Big 4 share of tax in household 108 structures across OECD countries energy prices Graph 1 Share of composite barrel’s components 101 Section 9: Natural gas data 109 in the OECD Feature Box: Natural gas reserves and production: An 111 Graph 2 USA — composite barrel structure 101 overview of historical patterns Graph 3 Germany — composite barrel structure 101 Graph 1 Proven natural gas reserves: regional share 111 of world Graph 8.1 Composite barrel and its components 103 Graph 2 Natural gas marketed production: regional 111 Graph 8.2 Composite barrel and its components in 104 share of world percentage Graph 3 Natural gas reserves/production ratio 111 Graph 8.3 Tax versus CIF crude oil price for major 106 OECD oil consuming countries — USA Graph 9.1 World proven natural gas reserves 113 Graph 8.4 Tax versus CIF crude oil price for major 106 Graph 9.2 OPEC Members’ proven natural gas 113 OECD oil consuming countries — Canada reserves Graph 8.5 Tax versus CIF crude oil price for major 106 Graph 9.3 World marketed production of natural gas 113 OECD oil consuming countries — Japan Graph 9.4 OPEC Members’ marketed production of 113 Graph 8.6 Tax versus CIF crude oil price for major 106 natural gas OECD oil consuming countries — France Graph 9.5 World natural gas exports 119 Graph 8.7 Tax versus CIF crude oil price for major 106 Graph 9.6 World natural gas imports 119 OECD oil consuming countries — Germany General notes 123 Graph 8.8 Tax versus CIF crude oil price for major 106 Definitions 124 OECD oil consuming countries — Italy Country groupings 125 Graph 8.9 Tax versus CIF crude oil price for major 106 OECD oil consuming countries — UK Economic organizations 126 Graph 8.10 Tax versus CIF crude oil price for major 106 Abbreviations 126 OECD oil consuming countries — G7 Selected oil companies 127 Graph 8.11 Tax versus CIF crude oil price for major 106 Major sources 127 OECD oil consuming countries — OECD Conversion factors 128 Graph 8.12 Tax to CIF crude oil price ratio for major 107 OECD oil consuming countries — USA
OPEC Annual Statistical Bulletin 2019 3 Disclaimer
Disclaimer The data contained in the OPEC Annual Statistical Bulletin (the ‘ASB’) is historical and obtained, to the extent possible, directly from OPEC Member Countries and third parties listed in the publication. This publication is the result of the assessment made by the OPEC Secretariat and does not necessarily reflect the views of or data provided by its Member Countries. Although the majority of OPEC-related data is supplied by its Member Countries, some figures are based on specialized sources and the OPEC Secretariat’s analysis, depending on the availability of information. Whilst reasonable efforts have been made to ensure the accuracy of the ASB’s content, the OPEC Secretariat makes no warranties or representations as to its content’s accuracy, relevance or comprehensiveness, and assumes no liability or responsibility for any inaccuracy, error or omission, or for any loss or damage arising in connection with or attributable to any action or decision taken as a result of using or relying, totally or partially, on the informa- tion in the ASB. The ASB is not intended as a benchmark or input data to a benchmark. Definition of terms, as well as names and boundaries on any maps, shall not be regarded as authoritative. The information contained in the ASB, unless copyrighted by a third party, may be used and/or reproduced for research, educational and other non-commercial purposes without the OPEC Secretariat’s prior written permission, provided that OPEC is fully acknowledged as the copyright holder. Prior written permission from the OPEC Secretariat is required for any commercial use.
4 OPEC Annual Statistical Bulletin 2019 Foreword
Mohammad Sanusi Barkindo, OPEC Secretary General
“Now, what I want is facts. Teach these boys and girls nothing but facts. Facts alone are wanted in life. Plant nothing else, and root out everything else.” The opening lines of Charles Dickens’ seminal novel, Hard Times, were spoken with commanding authority by the character, Gradgrind. Of course, Dickens was satirizing a tendency among some of the dominant philosophies of the 19th century to emphasize facts and rationalism at the expense of human experience. Looking to our own times, we can see that a countervailing strand of thinking dominates public thought. Indeed, the very opposite tendency to what Dickens satirized is prevalent in our modern age. In 2016, the Oxford Dictionaries ‘word of the year’ was ‘post-truth’, and along with its synonym ‘post-factual,’ the concept has been forefront of international discourse in the last three years. In 2019, it can appear that facts themselves are under siege and fact-based policy is in danger of being sidelined. Unfortunately, the oil market can often be subjected to similar forces which are not rooted in fact. Sentiment, speculation and even rumours have been known to drive the market. The situation can be further complicated by computerized or automated trading, with algorithms, Big Data and AI playing important roles. While OPEC would perhaps not go as far as Gradgrind’s tunnel-vision, the Organization passionately believes in evidence-based analysis, policy making grounded in fact and verifiable assumptions guided by careful observation. OPEC is not interested in distorted or selective interpretations of market developments; rather, we meticulously monitor and critically examine realities, and we are proud that this remains the core purpose of OPEC’s Annual Statistical Bulletin (ASB). Since its first publication in 1965, the ASB has remained an indispensable reference tool for analysts and academics, policymakers and industry specialists. The ASB’s ever increasing readership and online viewership reflects its status as a highly respected and regularly cited source on conditions in the oil market. Indeed, this 54th edition of the ASB is a first in the history of OPEC and the oil industry: it is the earliest publication of its kind in a calendar year. The ASB is the outcome of hard and labour-intensive work involving analysts, researchers and statisticians, both at the OPEC Secretariat and our Member Countries. This is a collaborative achievement and I would like to express my appreciation to the staff at the OPEC Secretariat — and all the colleagues and other officials in our Member Countries — for their continuous hard work to make this publication possible.
Mohammad Sanusi Barkindo Secretary General
OPEC Annual Statistical Bulletin 2019 5 Key messages
As one of the flagship publications of the Organization of the Petroleum Exporting Countries (OPEC), the Annual Statistical Bulletin (ASB) offers detailed and comprehensive time-series data on several aspects of the global petroleum industry, including production, demand, imports and exports, as well as exploration and transportation activities. In particular, the ASB contains key statistical data on oil and natural gas activities in each of OPEC’s 14 Member Countries: Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, the Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela. In addition, it provides valuable data for many other countries grouped by geographical region, and covers the major economic zones all over the world. The current version of the ASB — ASB 2019 — comprises data up to the end of 2018, with the following highlights: Total world crude oil production increased sharply in 2018 by 1.213 million barrels/day (m b/d), or 1.6 per cent, as compared to 2017, to reach 75.78m b/d, marking a historical high and the highest annual growth since 2015. OPEC crude oil production declined year-on-year by 415,000 b/d, or 1.3 per cent, while crude production by non-OPEC countries grew by 1.628m b/d, or 3.8 per cent. The largest volumetric gains were for the United States with 1.610m b/d, or 17.2 per cent, Saudi Arabia with 358,000 b/d or 3.6 per cent and Russia with 178,000 b/d or 1.7 per cent In 2018, the top three crude oil producing countries were the United States (10.96m b/d), Russia (10.53m b/d) and Saudi Arabia (10.32m b/d). With an average of 98.73m b/d in 2018, world oil demand grew by 1.5 per cent y-o-y, with the largest increases recorded for Asia and Pacific region (particularly China and India) and North America. Oil demand in Africa and the Middle East fell in 2018 by around 23,000 b/d, as compared to 2017, while Latin America posted an increase following consecutive declines during the previous three years. OECD oil demand grew solidly for the fourth consecutive year in 2018, while oil demand in OPEC Member Countries declined slightly after increasing during 2017. Distillates and gasoline accounted for around 55.0 per cent of 2018 world oil demand with an upward trend. Residual fuel oil requirements were about 7.2 per cent of total oil demand in 2018. OPEC Member Countries exported an average of 24.67m b/d of crude oil in 2018, a slight increase of about 14,000 b/d, or 0.1 per cent, compared to 2017. Following the trend in previous years, the bulk of crude oil from OPEC Member Countries — 15.86m b/d or 64.3 per cent — was exported to the Asia and Pacific region. Considerable volumes of crude oil — about 4.58m b/d — were also exported to Europe in 2018, which, however, represents a decline compared with 4.65m b/d recorded in 2017. North America imported 2.81m b/d of crude oil from OPEC Member Countries, which was about 406,000 b/d, or 12.6 per cent, less than the 2017 volumes. Exports of petroleum products from OPEC Member Countries averaged 4.71m b/d during 2018, up by around 784,000 b/d, or 20.0 per cent, compared to 2017. Imports of petroleum products by OPEC Member Countries stood at 2.62m b/d in 2018, roughly 593,000 b/d, or 29.3 per cent, higher than in 2017. World proven crude oil reserves stood at 1,498 billion barrels (bn b) at the end of 2018, increasing slightly by 0.4 per cent from the level of 1,492bn b recorded at the end of 2017. Proven crude oil reserves in OPEC Member Countries decreased slightly by 0.2 per cent to 1,189bn b at the end of 2018 for the second consecutive year. OPEC Member Countries’ share of total world proven crude oil reserves decreased marginally, from 79.9 per cent at the end of 2017 to 79.4 per cent at the end of 2018. At the end of 2018, world proven natural gas reserves rose by 0.7 per cent to approximately 203.2 trillion standard cubic metres (cu m). The observed increase in natural gas reserves is mainly attributed to North America, Middle East and Africa. Proven natural gas reserves in OPEC Member Countries stood at 72.68 trillion standard cu m at the end of 2018, up 0.6 per cent from the level at the end of 2017. World refinery capacity expanded by 876,000 barrels/calendar day (b/cd) to stand at 99.51m b/cd during 2018. The Asia and Pacific region, particularly China, as well as the Middle East, particularly the Islamic Republic of Iran, contributed the most in terms of refining capacity additions. Refinery capacity in the OECD declined marginally in 2018, as compared to 2017, with capacity expansions in North America being offset by closures in Europe. Globally, refinery throughput surged by 1.6 per cent to reach 84.94m b/d in 2018, with the largest gains in the Asia and Pacific region, North America, Europe and the Middle East. The OPEC Reference Basket averaged $69.78/b in nominal terms during 2018, up from $52.43/b in 2017, an increase of $17.35/b, or 33.1 per cent. The volatility level was $6.59/b, or 9.4 per cent, relative to the yearly average. In real terms, the OPEC Reference Basket stood at $45.81/b during 2018, up from $36.09/b during 2017.
6 OPEC Annual Statistical Bulletin 2019 SECTION 1
Summary Summary 0.2 OPEC 5,824 72,676 507.23 12,488 8,636.8 8,817.9 755,379 199,889 648,683 4,707.7 8,827.3 2,617.4 31,755.9 11,207.4 24,669.9 640,941.2 109,764.9 2,954,286 1,211,262 1,189,804 – 916 –13.0 3,093 5,674 842.0 804.0 402.0 31.84 219.0 245.1 98,468 34,996 13,505 15,168 34,674 1,510.2 1,890.6 1,273.1 24,785.0 302,809 Venezuela 84 2.8 6,091 885.2 10.14 916.0 350.6 37,849 74,940 40,859 7,087.0 97,800 3,008.3 1,124.0 1,141.8 1,070.3 Emirates 414,179 388,179 264,765 2,296.5 47,624.0 United Arab Arab United – 2.1 Saudi Arabia 9,069 2,150 33.41 898.4 72,337 23,418 2,856.0 2,642.5 2,817.3 3,104.6 194,358 782,484 294,544 132,633 7,371.5 1,971.2 267,026 10,317.3 118,000.0 1.9 924 37.6 33.1 21.3 5,334 2,056 5,675 446.0 445.5 442.0 Nigeria 54,513 63,020 56,645 202.99 36,972 1,601.6 417,410 1,979.5 44,250.8 28,625.6 6.56 78.1 70.0 16.0 Libya 25.4 4,961 951.2 7,574 1,505 1,760 380.0 214.8 998.5 136.8 17,141 49,716 24,814 12,833 4,251.1 48,363 13,880.0 – 18 1.4 4.62 30.2 1,784 736.0 681.2 891.3 352.9 Kuwait 630.4 58,393 71,931 36,786 20,481 30,661 2,736.6 141,705 2,050.0 17,737.8 101,500 – 2.0 Iraq 438 45.7 89.4 5,571 3,729 38.12 663.3 608.9 592.1 704.4 68,192 95,256 53,191 33,764 4,410.0 212,407 3,862.0 11,130.2 145,019 –3.0 IR Iran 5,104 82.01 1,648 272.1 101.0 60,198 81,797 18,427 33,899 3,553.0 2,141.0 1,705.1 1,690.6 1,854.3 107,435 418,582 1,849.6 12,327.5 155,600 248,524.3 – 26 2.0 268 8.9 7.7 1.97 24.0 15.7 13.2 38.3 –435 529.9 4,218 6,510 3,161 193.4 8,751 Gabon 2,000 174.1 17,210 – 42 28 5.0 3.9 nap nap nap –5.9 1.31 5,353 5,492 2,479 120.2 8,263 1,100 145.1 Guinea –1,181 10,856 7,750.7 5,508.6 Equatorial Equatorial – 11 1.2 284 –725 42.2 349.0 9,832 517.2 6,094 17.02 188.4 169.6 167.4 259.6 8,273 371.2 193.8 24,359 25,345 Ecuador 103,700 – 8.5 1.5 285 342 5.9 1.7 5.40 21.0 16.1 16.1 Congo 867.0 9,836 3,808 2,348 4,455 323.5 1,882 2,982 307.1 10,160 383 –1.0 80.3 54.8 32.0 17.6 99.5 541.1 7,502 29.25 1,248 3,390 120.8 Angola 8,160 99,150 40,774 14,186 36,323 9,614.0 1,473.3 1,420.6 1.9 17.2 42.58 2,382 4,186 4,504 656.8 643.7 620.7 431.4 Algeria 571.0 532.1 44,117 54,246 26,092 12,200 1,040.1 –15,940 178,259 95,898.5 51,424.0 1,000 b/d billion cu m billion 1,000 b/d 2 1,000 sq km sq 1,000 1 Land area figures as per official websites. per official as figures Land area in transit. oil of volumes and condensates include lease exports may oil Crude Table 1.1 Table 2018 and figures, facts Members’ OPEC inhabitants million Population Land area $ GDP per capita $ million prices market GDP at PPP % real GDP growth $ exports million of Value imports $ of million Value $ million balance account Current $ exports million petroleum of Value barrels reserves million oil crude Proven Natural gas reserves 1,000 b/d production oil Crude production marketed gas Natural cu m million 1,000 b/cd capacity Refinery 1,000 b/d throughput Refinery products petroleum of Output 1,000 b/d demand Oil exports oil Crude 1,000 b/d products petroleum Exports of 1,000 b/d products petroleum Imports of cu m exports million gas Natural Notes: 1. 2.
8 OPEC Annual Statistical Bulletin 2019 Summary
Table 1.2 OPEC Members’ crude oil production allocations (1,000 b/d)
Apr 82– Apr 83– Nov 84– Sep 86– Jan 87– Jul 87– Jan 88– Jan 89– Mar 83 Oct 84 Aug 86 Oct 86 Nov 86 Dec 86 Jun 87 Dec 87 Dec 88 Jun 89 1/ 2/ 3/ 4/ 5/ 6/ 7/ 8/ 9/ 10/ Algeria 650 725 663 663 669 669 635 667 667 695 Ecuador 200 200 183 183 221 221 210 221 221 230 Gabon 150 150 137 137 160 160 152 159 159 166 IR Iran 1,200 2,400 2,300 2,300 2,317 2,317 2,255 2,369 2,369 2,640 Iraq 1,200 1,200 1,200 1,200 — — 1,466 1,540 — 2,640 Kuwait 800 1,050 900 900 921 999 948 996 996 1,037 Libya 750 1,100 990 990 999 999 948 996 996 1,037 Nigeria 1,300 1,300 1,300 1,300 1,304 1,304 1,238 1,301 1,301 1,355 Saudi Arabia 7,150 5,000 4,353 4,353 4,353 4,353 4,133 4,343 4,343 4,524 United Arab Emirates 1,000 1,100 950 950 950 950 902 948 948 988 Venezuela 1,500 1,675 1,555 1,555 1,574 1,574 1,495 1,571 1,571 1,636 OPEC 15,900 15,900 14,531 14,531 14,382 15,111 16,948 OPEC excl Iraq 13,468 13,546 13,571
Jul 89– Oct 89– Jan 90– Apr 91– Oct 91– Feb 92– Oct 92– Jan 93– Mar 93– Sep 89 Dec 89 Jul 90 Aug 90 Sep 91 Jan 92 Sep 92 Dec 92 Feb 93 Sep 93 11/ 12/ 13/ 14/ 15/ 16/ 17/ 18/ 19/ 20/ Algeria 733 771 827 827 827 nd 760 nd 764 732 Ecuador 242 254 273 273 273 nd 273 nd — — Gabon 175 184 197 197 285 nd 273 nd 293 281 IR Iran 2,783 2,926 3,140 3,140 3,217 nd 3,184 nd 3,490 3,340 Iraq 2,783 2,926 3,140 3,140 — nd 505 nd 500 400 Kuwait 1,093 1,149 1,500 1,500 — nd 812 nd 1,500 1,600 Libya 1,093 1,149 1,233 1,233 1,425 nd 1,395 nd 1,409 1,350 Nigeria 1,428 1,501 1,611 1,611 1,840 nd 1,751 nd 1,857 1,780 Saudi Arabia 4,769 5,014 5,380 5,380 8,034 nd 7,887 nd 8,395 8,000 United Arab Emirates 1,041 1,094 1,095 1,500 2,320 nd 2,244 nd 2,260 2,161 Venezuela 1,724 1,812 1,945 1,945 2,235 nd 2,147 nd 2,360 2,257 OPEC 17,864 18,780 20,341 20,746 20,456 1 23,650* 21,231 24,200* 22,828 21,901
Notes: Totals may not add up due to independent rounding. 1. OPEC excluding Kuwait and Iraq. — No production level allocated. 2. OPEC excluding IR Iran and Iraq. nd No distribution made. 3. OPEC excluding Libya and Nigeria. ^ Includes Qatar. 4. OPEC excluding IR Iran, Libya and Venezuela. * Includes Indonesia and Qatar.
Agreed at the: 1/ 63rd (Extraordinary) Meeting of the OPEC Conference, March 19–20, 1982. 2/ 67th (Extraordinary) Meeting of the OPEC Conference, March 14, 1983. No production level allocated to Saudi Arabia which acted as the swing producer. Venezuela: 1.7m b/d including condensates. Nigeria: At the 70th Meeting of the OPEC Conference, July 10–11, 1984, a temporary production rise to 1.4m b/d and 1.45m b/d in August 1984 and September 1984, respectively, was decided. 3/ 71st (Extraordinary) Meeting of the OPEC Conference, October 29–31, 1984. Retained at the 75th (Extraordinary) Meeting of the OPEC Conference, October 4, 1985. 4/ 78th Meeting of the OPEC Conference, June 25–30, 1986, and July 28–August 5, 1986, with the exception of Iraq. 5/ 79th (Extraordinary) Meeting of the OPEC Conference, October 6–22, 1986, with the exception of Iraq. 6/ 79th (Extraordinary) Meeting of the OPEC Conference, October 6–22, 1986, with the exception of Iraq. 7/ 80th Meeting of the OPEC Conference, December 11–20, 1986. 8/ 81st Meeting of the OPEC Conference, June 25–27, 1987. 9/ 82nd Meeting of the OPEC Conference, December 9–14, 1987, with the exception of Iraq. Extended at the 83rd Meeting of the OPEC Conference, June 11–14, 1988, with the exception of Iraq. 10/ 84th Meeting of the OPEC Conference, November 21–28, 1988. 11/ 85th Meeting of the OPEC Conference, June 5–7, 1989. 12/ 3rd Meeting of the Eight‑Minister Monitoring Committee, September 23–27, 1989. 13/ 86th Meeting of the OPEC Conference, November 25–28, 1989. 14/ 87th Meeting of the OPEC Conference, July 26–27, 1990. September 2000–March 2001: Oil Ministers’ informal consultations and 1st Ministerial Monitoring Committee, August 26–29, 1990 (interim course of action: OPEC shall consequently increase production in accordance with need). Retained August 1990 agreement at the 88th Meeting of the OPEC Conference, December 12–13, 1990. 15/ 3rd Meeting of the Ministerial Monitoring Committee, March 11–12, 1991. Reservations were made by Algeria and IR Iran as to the total OPEC production level. Reiterated without reservations at the 89th Meeting of the OPEC Conference, June 4, 1991. 16/ 4th Meeting of the Ministerial Monitoring Committee, September 24–25, 1991. Retained at the 90th Meeting of the Conference, November 26–27, 1991. 17/ 6th Meeting of the Ministerial Monitoring Committee, February 12–15, 1992. Reservations were made by IR Iran as to the total OPEC production level and by Saudi Arabia as to their allocated production level. Rollover (inclusive of reservations) at the 91st Meeting of the OPEC Conference, May 21–22, 1992. The Conference also decided to allow any additional production from Kuwait. 18/ 9th Meeting of the Ministerial Monitoring Committee, September 16–17, 1992. Reaffirmed to allow for any additional production from Kuwait. 19/ 92nd Meeting of the OPEC Conference, November 25–27, 1992, with full support of Member Countries, except Iraq and the allowance of additional volumes to Kuwait as they become available during the 1Q93. 20/ 10th Meeting of the Ministerial Monitoring Committee, February 13–16, 1993 with full support of Member Countries, except Iraq. Rollover of this agreement at the 93rd Meeting of the OPEC Conference, June 8–10, 1993, with full support of Member Countries, except Iraq and Kuwait. 21/ 94th (Extraordinary) Meeting of the OPEC Conference, September 25–29, 1993, with full support of Member Countries, except Iraq. Maintained at the 12th
OPEC Annual Statistical Bulletin 2019 9 Summary
Table 1.2 OPEC Members’ crude oil production allocations (1,000 b/d)
Oct 93– Jul 96– Jan 98– Apr 98– Jul 98– Apr 99– Apr 00– Jul 00– Oct 1, 00– Oct 31, 00 Jun 96 Dec 97 Mar 98 Jun 98 Mar 99 Mar 00 Jun 00 Sep 00 Oct 30, 00 –Jan 01 21/ 22/ 23/ 24/ 25/ 26/ 27/ 28/ 29/ 30/ Algeria 750 750 909 50 788 731 788 811 837 853 Gabon 287 — — — — — — — — — IR Iran 3,600 3,600 3,942 140 3,318 3,359 — 3,727 3,844 3,917 Iraq 400 1,200 1,314 — — — — — — — Kuwait 2,000 2,000 2,190 125 1,980 1,836 1,980 2,037 2,101 2,141 Libya 1,390 1,390 1,522 80 1,323 1,227 1,323 1,361 1,404 1,431 Nigeria 1,865 1,865 2,042 125 2,033 1,885 2,033 2,091 2,157 2,198 Saudi Arabia 8,000 8,000 8,761 300 8,023 7,438 8,023 8,253 8,512 8,674 United Arab Emirates 2,161 2,161 2,366 125 2,157 2,000 2,157 2,219 2,289 2,333 Venezuela 2,359 2,359 2,583 200 2,845 2,720 2,845 2,926 3,019 3,077 OPEC 22,812 23,325 25,630 OPEC excl Iraq 1,145 22,467 21,196 19,149 2 23,425 24,163 24,624 Target 23,762
Feb 01– Apr 01– Sep 01– Jan 02– Feb 03– Jun 03– Nov 03– Apr 04– Mar 01 Aug 01 Dec 01 Dec 02 Jan 03 May 03 Oct 03 Mar 04 Jun 04 Jul 04 31/ 32/ 33/ 34/ 35/ 36/ 37/ 38/ 39/ 40/ Algeria 805 773 741 693 735 782 811 782 750 814 IR Iran 3,698 3,552 3,406 3,186 3,377 3,597 3,729 3,597 3,450 3,744 Iraq — — — — — — — — — — Kuwait 2,021 1,941 1,861 1,741 1,845 1,966 2,038 1,966 1,886 2,046 Libya 1,350 1,296 1,242 1,162 1,232 1,312 1,360 1,312 1,258 1,365 Nigeria 2,075 1,993 1,911 1,787 1,894 2,018 2,092 2,018 1,936 2,101 Saudi Arabia 8,189 7,865 7,541 7,053 7,476 7,963 8,256 7,963 7,638 8,288 United Arab Emirates 2,201 2,113 2,025 1,894 2,007 2,138 2,217 2,138 2,051 2,225 Venezuela 2,902 2,786 2,670 2,497 2,647 2,819 2,923 2,819 2,704 2,934 OPEC excl Iraq 23,241 22,319 21,397 20,013 21,213 22,595 23,425 22,595 21,673 23,517
Meeting of the Ministerial Monitoring Committee, March 25–26, 1994, with full support of Member Countries, except Iraq. Maintained at the 97th, 98th and 99th Meeting of the OPEC Conference, November 21–22, 1994, June 19–20, 1995, and November 21–22, 1995, respectively. 22/ 100th Meeting of the OPEC Conference, June 5–7, 1996. The remaining volume of 1.2m b/d is to be supplied by Iraq. Rollover of the agreement at the 101st and the 102nd Meeting of the OPEC Conference, November 27–28, 1996, and June 25–26, 1997, respectively. 23/ 103rd Meeting of the OPEC Conference, November 26–December 1, 1997. The remaining volume of 1,314,080 b/d is to be supplied by Iraq. 24/ 104th Meeting (Extraordinary) of the OPEC Conference, March 30, 1998. Data reflects temporary production cuts from OPEC excluding Iraq production in February 1998 as reported by selected secondary sources. Iraq is not called upon to participate in this agreement. 25/ 105th Meeting of the OPEC Conference, June 24, 1998. Iraq is not called upon to participate in this agreement. 26/ 107th Meeting of the OPEC Conference, March 23, 1999. Reaffirmed strong commitment to the agreement at the 108th Meeting of the OPEC Conference, September 22, 1999. Iraq is not called upon to participate in this agreement. 27/ 109th Meeting of the OPEC Conference, March 27–29, 2000. Agreement of OPEC Member Countries excluding IR Iran and Iraq. 28/ 110th (Extraordinary) Meeting of the OPEC Conference, June 21, 2000. Iraq is not called upon to participate in this agreement. 29/ 111th Meeting of the OPEC Conference, September 10–11, 2000. Iraq is not called upon to participate in this agreement. 30/ 111th Meeting of the OPEC Conference, September 10–11, 2000; including additional 500,000 b/d (price band mechanism) as announced by the OPEC President on October 30, 2000, and effective from October 31, 2000. Iraq is not called upon to participate in this agreement. 31/ 113th (Extraordinary) Meeting of the OPEC Conference, January 17, 2001. Iraq is not called upon to participate in this agreement. 32/ 114th Meeting of the OPEC Conference, March 16–17, 2001. Retained at the 115th (Extraordinary) and 116th (Extraordinary) Meeting of the OPEC Conference, June 5 and July 3, 2001, respectively. Iraq is not called upon to participate in this agreement. 33/ OPEC Conference, July 25, 2001. Retained at the 117th Meeting of the OPEC Conference, September 26–27, 2001. Iraq is not called upon to participate in this agreement. 34/ Announced during the 118th (Extraordinary) Meeting of the OPEC Conference, November 14, 2001, and confirmed its implementation during the Consultative Meeting of the OPEC Conference in Cairo, December 28, 2001. Retained at the 119th (Extraordinary), 120th (Extraordinary) and 121st Meeting of the OPEC Conference, March 15, June 26 and September 19, 2002, respectively. Iraq is not called upon to participate in this agreement. 35/ 122th (Extraordinary) Meeting of the OPEC Conference, December 12, 2002. Iraq is not called upon to participate in this agreement. 36/ 123rd (Extraordinary) Meeting of the OPEC Conference, January 12, 2003. Retained at the 124th Meeting of the OPEC Conference, March 11, 2003. Iraq is not called upon to participate in this agreement. 37/ Consultative Meeting of the OPEC Conference, April 24, 2003. Retained at the 125th (Extraordinary) and 126th (Extraordinary) Meeting of the OPEC Conference, June 11 and July 31, 2003, respectively. Iraq is not called upon to participate in this agreement. 38/ 127th Meeting of the OPEC Conference, September 24, 2003. Retained at the 128th (Extraordinary) and 129th (Extraordinary) Meeting of the OPEC Conference, December 4, 2003, and February 10, 2004, respectively. Iraq is not called upon to participate in this agreement. 39/ 129th (Extraordinary) Meeting of the OPEC Conference, February 10, 2004. Reconfirmed at the 130th Meeting of the OPEC Conference, March 31, 2004. Iraq is not called upon to participate in this agreement. 40/ 131st (Extraordinary) Meeting of the OPEC Conference, June 3, 2004. Iraq is not called upon to participate in this agreement. 41/ 131st (Extraordinary) Meeting of the OPEC Conference, June 3, 2004. Iraq is not called upon to participate in this agreement.
10 OPEC Annual Statistical Bulletin 2019 Summary
Table 1.2 OPEC Members’ crude oil production allocations (1,000 b/d)
Aug 04– Nov 1, 04– Mar 17, 05– Jul 05– Nov 06– Feb 07– Nov 07– Jan 08– Nov 08– Oct 04 Mar 16, 05 Jun 30, 05 Oct 06 Jan 07 Oct 07 Dec 07 Sep 08 Oct 08 Dec 08 41/ 42/ 43/ 44/ 45/ 46/ 47/ 48/ 49/ 50/ Algeria 830 862 878 894 59 25 nd nd nd 71 Angola — — — — — — — nd nd 99 Ecuador — — — — — — — nd nd 27 IR Iran 3,817 3,964 4,037 4,110 176 73 nd nd nd 199 Iraq — — — — — — — — — — Kuwait 2,087 2,167 2,207 2,247 100 42 nd nd nd 132 Libya 1,392 1,446 1,473 1,500 72 30 nd nd nd 89 Nigeria 2,142 2,224 2,265 2,306 100 42 nd nd nd 113 Saudi Arabia 8,450 8,775 8,937 9,099 380 158 nd nd nd 466 United Arab Emirates 2,269 2,356 2,400 2,444 101 42 nd nd nd 134 Venezuela 2,992 3,107 3,165 3,223 138 57 nd nd nd 129 OPEC excl Iraq 23,979 24,901 25,362 25,823 1,459 OPEC excl Angola, Ecuador and Iraq 1,126 469 500* Target OPEC excl Angola, Ecuador and Iraq 26,300* 25,800* 27,253*
Target OPEC excl Iraq 29,673* 28,808^ 27,308^
Jan 09– Jan 12– Jan 17– Jun 17– Jan 19– Dec 11 Dec 15 May 17 Dec 18 Feb 19 Mar 19– 51/ 52/ 53/ 54/ 55/ 56/ Algeria nd nd 1,039 1,039 1,025 1,025 Angola nd nd 1,673 1,673 1,481 1,481 Congo –– –– –– –– 315 315 Ecuador nd nd 522 522 508 515 Equatorial Guinea –– –– –– 178 123 123 Gabon –– –– 193 193 181 181 IR Iran nd nd 3,797 3,797 –– –– Iraq –– nd 4,351 4,351 4,512 4,512 Kuwait nd nd 2,707 2,707 2,724 2,724 Libya nd nd –– –– –– –– Nigeria nd nd –– –– 1,685 1,685 Saudi Arabia nd nd 10,058 10,058 10,311 10,311 United Arab Emirates nd nd 2,874 2,874 3,072 3,072 Venezuela nd nd 1,972 1,972 –– –– 3 3 4 4 OPEC 29,186 29,364 25,937 25,944
Target OPEC excl Iraq 24,845^
Target OPEC 30,000^ 32,500*
42/ 132nd Meeting of the OPEC Conference, September 15, 2004. Iraq is not called upon to participate in this agreement. During the 133rd (Extraordinary) Meeting of the OPEC Conference, December 10, 2004, Member Countries agreed to collectively reduce the over‑production by 1m b/d from their current actual output, effective January 1, 2005. Agreement of 132nd Meeting is retained at the 134th (Extraordinary) Meeting of the OPEC Conference, January 30, 2005. 43/ 135th Meeting of the OPEC Conference, March 16, 2005. Iraq is not called upon to participate in this agreement. The President of the Conference is authorized, after consultation with fellow Heads of Delegation, to announce an additional 500,000 b/d increase until its next Meeting, if prices remain at current high levels or continue to further rise. 44/ 136th (Extraordinary) Meeting of the OPEC Conference, June 15, 2005. Iraq is not called upon to participate in this agreement. The President of the Conference is authorized, after consultation with fellow Heads of Delegation, to announce an additional 500,000 b/d increase until its next Meeting, if prices remain at current high levels or continue to further rise. The 137th OPEC Conference , September 20, 2005, agreed to make available to the market the spare capacity of 2m b/d, should it be called for, for a period of three months, starting October 1, 2005. The 138th (December 12, 2005), the 139th (Extraordinary, January 31, 2006), the 140th (March 8, 2006) and the 141st (Extraordinary, June 1, 2006) Conference retained the OPEC production level as agreed on June 15, 2005. 45/ Consultative Meeting of the OPEC Conference, October 19–20, 2006. Data reflects interim production cuts from OPEC excluding Iraq production in September 2006. Iraq is not called upon to participate in this agreement. 46/ 143rd (Extraordinary) Meeting of the OPEC Conference, December 14, 2006. Data reflects a further production cut to the decision taken in Doha, October 19–20, 2006. Iraq is not called upon to participate in this agreement. 47/ 145th Meeting of the OPEC Conference, September 11, 2007. Angola and Iraq are not called upon to participate in this agreement. Data reflect production increase of 500,000 b/d for OPEC (excluding Angola and Iraq) to achieve 27.253m b/d. 48/ 146th (Extraordinary) Meeting of the OPEC Conference, December 5, 2007. Iraq is not called upon to participate in the agreement. 49/ 149th Meeting of the OPEC Conference, September 9-10, 2008: The Conference agreed to abide to September 2007 production allocations (adjusted to include new Members Angola and Ecuador and excluding Indonesia and Iraq), totalling to 28.8m b/d. 50/ 150th (Extraordinary) Meeting of the OPEC Conference, October 24, 2008: Data reflects a production cut of 1.5m b/d to achieve 27.31m b/d. Iraq and Indonesia are not called upon to participate in the agreement. 51/ The 151th (Extraordinary) Meeting of the Conference, December 17, 2008, agreed to reduce OPEC excluding Iraq production by total of 4.2m b/d from September levels of the actual production based on secondary sources. Iraq is not called upon to participate in the agreement. 52/ The 160th Meeting of the Conference, December 14, 2011, decided to maintain the total OPEC production level of 30.0m b/d. This agreement was maintained at the 161st (June 14, 2012), the 162nd (December 12, 2012), the 163rd (May 31, 2013), the 164th (December 4, 2013), the 165th (June 11, 2014), the 166th (November 27, 2014) and — for the last time — at the 167th (June 5, 2015) Meeting of the Conference. 53/ The 171st Meeting of the Conference, November 30, 2016, decided to reduce its production by around 1.2m b/d to bring its ceiling to 32.5m b/d, effective of January 1, 2017. Agreed crude oil production levels were allocated, with the exception of Libya and Nigeria. 54/ The 172nd Meeting of the Conference, May 25, 2017, decided to extend its production adjustments for a further period of nine months. Furthermore, the Conference approved Equatorial Guinea’s admission to the Organization with immediate effect (the table is adjusted accordingly). The 173rd Meeting of the Conference, November 30, 2017, amended the adjustment to take effect for the whole year 2018. 55/ The 175th Meeting of the Conference, December 6–7, 2018, decided to adjust OPEC overall production by 800,000 b/d from October 2018 levels, effective as of January 2019, for an initial period of six months, with a review in April 2019. 56/ The 13th Meeting of the JMMC, March 18, 2019, endorsed the requested adjustment of the baseline production for Ecuador to be referenced at September 2018.
OPEC Annual Statistical Bulletin 2019 11 Visit our website www.opec.org SECTION 2
Macro-economics Macro-economics
14 OPEC Annual Statistical Bulletin 2019 Macro-economics
Feature Box: Section 2 The economic diversification of OPEC MCs
OPEC Member Countries’ economy indicators, including GDP growth and current account balance, continued to improve in 2018. The population of OPEC MCs increased by almost 11 million last year, with Nigeria, Iraq and Angola adding 5.3, 1, 0.52 million inhabitants, respectively, thus bringing the OPEC MCs’ share of global population to 6.64 per cent (up from 6.57 per cent in 2017). Real GDP increased by around 0.2 per cent y-o-y in 2018, compared to the 0.5 per cent y-o-y in 2017. Consequently, the combined OPEC MCs GDP at current market prices increased by nearly $130 billion to $2.954 trillion. The current account balance of OPEC MCs also improved and settled at $200bn in 2018, up from $71bn in 2017. This improvement materialized as the value of exports spiked by +15.5 per cent y-o-y to more than $1.2tr in 2018, while the value of imports declined marginally y-o-y to $755bn.
GraphBox 2.1 1: OPEC MCs revenues of petroleum exports as share of GDP (%)
OPEC MCs successfully continued to improve the diversification of their economies and be less dependent on petroleum export revenues. The share of OPEC MCs petroleum export revenues to GDP has decreased by around six percentage points over the last five years. Declines have been registered in all OPEC MCs, as local governments commissioned a number of initiatives and programmes to promote the development of high value-added non-oil industries, including manufacturing and services. The trend of diversification is also confirmed when analyzing the share of non-petroleum export revenues to GDP at comparable oil price levels (see Graph 2). Over the last four years (2015–18) this ratio has been between 78 per cent and 85 per cent, which is between 20 and 15 percentage points higher, as against the same ratio in years of comparable oil prices (2005, 2006, 2007, 2009).
GraphBox 2.2 2: Share of Sharenon-petroleum of non-petroleum export revenues to GDPexport revenues to GDP (%)